To summarise the benefits of insurance in 10 short liners is indeed a Herculean task — the list below may not adequately capture the enormous advantages of buying an insurance policy but it will go a long way in giving an idea of what Insurance offers to a starter.
It is a fact that Insurance penetration in Nigeria is quite low — it is between 0.3 to 0.4 percent compared with South Africa’s and Kenya’s 16.9 & 2.9 percent respectively. This low penetration implies that many Nigerians carry a lot of burden transferable to the insurer.
No one looks forward to losses but losses occur and we have no control over many unfortunate incidents. Hence, it is only wise to get covered when life comes forth with its negatives.
Collated below are some of the 10 Benefits of Insurance we think you might find useful:
- Insurance Covers Losses: Life is filled with uncertainties, hence when the worse happens, Insurance comes forth to cover losses insulating you against the shocks of losses.
2. Financial Stability: Relevant insurance policies guarantee financial stability for a policyholder — monies that could have been expended by a policyholder due to loss is taken care of by the insurer.
3. Provision of Economic Protection: It protects you against unexpected losses that can affect your finances.
4. Maintains Standard of Living: Insurance gives you a level of protection that ensures you maintain your standard of living.
5. Grants/Loan: The insurance policy can be used to apply for loan as a security
6. Protects Against Tragedy: Events such as flood and fire caused by lightning which are not caused by humans can also be protected with insurance.
7. Confidence: With insurance, you have a certain level of peace of mind that your future is guaranteed against unexpected loss.
8. Recognized By The Law: Some government policies/regulations required having insurance. A good example is a compulsory Third-Party Motor Insurance.
9. Eliminates Dependency: Life insurance policies help family to move on with financial support after the demise of the breadwinner.
10. Tax Benefits: Certain policies can have tax relief that the insured can benefit.
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